The festive season is not over for EV makers as sales hit top gear

Even though the holiday season is over, celebrations are still going on for the manufacturers of electric vehicles (EVs), with November sales likely to match the record established during the Navratri and Diwali seasons last month.

According to information from the government website Vahan, which registers vehicle registrations, EV sales this month have already surpassed 99,000 units, breaking the previous record of 115,861 units established in October.

According to industry officials, this is due to the fact that backlog bookings are still being sold and that more and more car owners are becoming aware of EVs.

More electric two-wheeler product introductions at competitive price points are expected over the course of the next two years, which will contribute to increasing their uptake, according to Gill.

Although the country’s EV ecosystem is still growing, two- and three-wheelers are driving adoption as more people rely on them for last-mile connectivity, helped by their affordable operating costs.

According to the past seven months, EV sales will surpass a million units in 2022–23, an increase of 84% from the previous fiscal year.

According to SMEV, sales of electric two-wheelers are anticipated to increase by 117% year over year to reach 750,000 units this fiscal year, while sales of three-wheelers are anticipated to increase by 12% to 200,000 units.

Considering their greater price, electric car sales are still relatively modest, but in the first half of the current fiscal year, they increased 268% year over year to 18,142 units. According to the Vahan dashboard, 4,935 electric car units were sold in October.

The market is predicted to expand quickly since EVs have substantially lower operating costs than cars and trucks fueled by gasoline and diesel.

“At Rs 1.1 per km of operating costs (for an electric car), the monthly expense is a fraction of what is incurred driving a petrol/diesel car, making it simply unbeatable,” said Vivek Srivatsa, head of sales, marketing, and service strategy at Tata Passenger Electric Mobility, which dominated the EV passenger vehicle market with a share of about 85% and has the largest electric car portfolio.

Original equipment manufacturers (OEMs) have been stepping up production as EV demand rises and supply constraints loosen.

“The waiting time has been shorter as production increases by multiples. Now that electric OEMs can provide vehicles more quickly, “Hemal Thakkar, a director at the credit rating company Crisil, remarked

The entry of established automobile firms into the EV market has increased consumer and financial confidence. Dealers claim that even after the festival season, the switch to EVs is unabated.

According to Nikunj Sanghi, an Alwar-based automobile dealer, “the affordability and running cost, notably in two- and three-wheelers, have substantially improved, making it a feasible choice for consumers.”

While the acceptance of EVs is progressing steadily, it will still take some time for them to become widely used.

Due to rising fuel prices and consumers’ preference for cleaner and greener modes of transportation, experts claim low-speed scooter adoption is accelerating in the hinterlands.

After declining in FY21, EV sales increased by more than 200% in FY22, making up close to 3% of all vehicle sales in India.

Since the government updated upward incentives under the Fame 2 plan, sales of electric two-wheelers have increased over the past 8 to 12 months.

By 2030, the Narendra Modi-led administration wants EVs to account for 30% of personal automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers.

To promote EV adoption across the nation, the government has been collaborating with the Fame (Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India) and PLI (Production-linked Incentive) initiatives.

In India, sales of electric two-wheelers are predicted to increase by 24 times from their current level to reach 17.69 million units by 2030, according to a report by venture capital firm Blume.

Electric Scooters In India
UP to become an auto hub, EVs will be exported abroad: CM Yogi

Chief Minister Yogi Adityanath’s administration has stated that it will turn western and central Uttar Pradesh into a hub for the auto and electric vehicle sectors and their supporting elements as well as their supporting elements in order to increase the state’s economy to USD 1 trillion.


electric scooter in India
India's EV revolution could bear fruit by 2030, survey shows

According to a private consumer expectations poll conducted on Monday, almost 66% of Indians believe that by 2030, electric vehicles will outnumber petrol and diesel automobiles.

best electric scooter in India
More individuals predict that EVs will outnumber diesel and petrol automobiles by 2030: report

In India, electric car adoption appears to have a promising future. In a study of more than 1000 people, 57% of Indian customers said they would invest in electric vehicles (EVs) because of their practical benefits, while 56% said they would do so because EVs are environmentally friendly. These are some of the key conclusions of the most recent report released by the survey firm YouGov India and the tech-first insurance company Acko.

1018 respondents from NCCS A and B households between the ages of 28 and 40 who either had an electric vehicle or planned to purchase one in the following year were polled for the study.